Virtual Internships, Drilling, Multiverse, and Riipen meet the needs of more digital work world by offering internship and professional experience opportunities to young people from all walks of life to participate in the globalized economy.
For graduates seeking employment, work experience was the most important factor. However, out of 260 million students in higher education in the world, less than 80 million internships are carried out. As a result, many students feel that their university has not provided them with adequate professional support. Another problem is that many high-level internships are inaccessible due to geography and time differences.
However, edtechs fill this gap. For example, virtual internships solve all of these barriers and more by giving all students around the world access to global, structured internships that can be done anytime and anywhere. It also allows employers to build global talent pools, and universities or governments can support specific audiences, ensuring better employability outcomes and better return on investment.
Virtual Internships has worked with over 12,000 companies from 100 countries to help college students around the world. The company recently announced a $14.3 million Series A funding round led by Hambro Perks, with participation from other investors.
Virtual internships, for example, work by matching students with internships at companies ranging from startups to blue chips and guarantee a match within a month. Its host companies include AWS, Carrefour, Dentons, GAM Investments, Asian Development Bank and Bio Pharm Dongsung.
According to the platform, at least 70% of interns will have the opportunity to work directly with a founder or senior executive. Before and during internships, the platform also offers students an employability path called CareerBridge. Students will have access to weekly recordings, group discussions, webinars, and coaching calls in the middle and at the end of their internships. About 25% of students who complete their internship through the platform are invited to continue working with their twinned company. 70% of them were hired full-time within three months of the start of their internship.
About the Virtual Internship
Ed Holroyd Pearce founded CRCC Asia in 2006 to help students find internships in Asia, eventually growing the business to over 10,000 students. He eventually partnered with Daniel Nivern to found Virtual Internships in 2018.
According to Ed, “We recognized that there is a whole set of desirable skills that candidates can acquire through a remote or virtual internship and that it also reduces traditional barriers to internships, such as logistics, cost, family commitments or studies, for a certain number of candidates”.
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They realized there was a much larger market of students who wanted to do international internships in 2018, so they created virtual internships to help them find jobs no matter where they were.
The platform distinguishes itself by collaborating with universities and governments to offer guaranteed internships with a high probability of leading to employment.
Since its inception, Virtual Internships has grown its revenue from $100,000 in fiscal year 2019/2020 to $4.1 million in fiscal year 2021/2022, with a target of $10 million in revenue. 2023.
Universities that have integrated virtual internships into their programs account for the majority of its revenue. In addition, it collaborates with university pathway programs and government organizations.
Other Edtech platforms
- Multiverse is a technology startup with a mission to create an exceptional alternative to university and corporate training. The apprenticeship programs offered by Multiverse are an alternative to the established college and university system. Multiverse focuses on three main areas: measuring potential beyond education and work experience to recruit apprentices, providing top-notch job-focused training through applied learning programs, and helping diverse groups of people to build strong social capital and professional networks through a thriving community both online and offline.
- Other competitors offering five- to six-hour virtual work experience programs include venture capital-backed companies such as Feed.
- Another is Riipen, which organizes business competitions and assignments that students must complete with the help of the faculty.